KUALA LUMPUR (Feb 5): Bursa Malaysia has today issued an unusual market activity (UMA) query on Mentiga Corp Bhd due to the sharp rise in its share price and trading volume.

The UMA query came after the stock’s shares surged 51.28% or 30 sen to 89 sen at the closing bell today, with some 7.49 million shares done. This valued the group at RM61.95 million.

The stock has climbed 48.33% from when it was trading at 60 sen apiece on Dec 31, 2020.

The exchange regulator requested that Mentiga responds to its queries and disclose any investment decision, corporate development, rumour or report concerning the business and affairs of the group, and any other possible reasons that could explain the sudden spike in share activity.

Bursa also asked whether the group is in compliance with the Bursa Securities Listing Requirements (LR), in particular Paragraph 9.03 of the Bursa securities LR on immediate disclosure obligations.

According to Mentiga’s website, the principal activities of the company are investment holding, oil palm plantation, timber extraction and trading in timber-related products.

At press time, Mentiga had not responded to Bursa’s UMA query.